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Ascentric and Cofunds to white-label Towergate platforms

Towergate Financial is partnering with Investment Funds Direct Limited, Ascentric’s white-label brand to power its wealth platform.

Next week Towergate will also unveil its financial choice platform offering a retail strategy for clients with a lower complexity of need through a white-label partnership with Cofunds, thereby creating a dual platform strategy. 

IFDL shares exactly the same technology as Ascentric’s platform and will be rolled out by the end of the year as part oft Towergate’s new private client toolkit. 

The Towergate financial wealth platform will target the firm’s mid to high net worth client base who have a higher complexity of need.

Speaking yesterday at a press briefing Towergate Financial business development director Dan Saulter said the multiple tax wrapper environment and whole of market aspect of IFDL’s technology were two of a number of benefits which made it platform of choice. 

He said: “This will enable us to be more innovative in the market as we roll out new ideas.  It’s Towergate branded which is key for us in building our brand both across our financial planning clients but more crucially into our general insurance customer base and Towergate Partnership.” 

Meanwhile, Ascentric simultaenously announced the launch of a new onshore open-architecture investment bond through an exclusive deal with HSBC, as reported by Money Marketing in June. 

The new vehicle will be available to both Ascentric and Towergate advisers offering them access to 2,000 funds from 100 fund managers. 

All transactions are undertaken through a cash account with unbundled charges to offer greater transparency. 

Ascentric managing director Hugo Thorman said: “It’s a very exciting time for the industry but it’s quite intimidating as well as there is a lot of change.  I think you’re seeing a microcosm of what’s happening, of the platform working together with a very large distributor and an irony of a bank providing a life insurance product on that platform which will almost certainly be utilised by the large distributor.  It’s a completely new world.”

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